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New York Times selling Boston Globe

Feb. 20, 2013 at 8:36 PM   |   Comments

NEW YORK, Feb. 20 (UPI) -- The New York Times Co. said Wednesday it has put The Boston Globe and other parts of its New England Media Group up for sale.

"Our plan to sell the New England Media Group demonstrates our commitment to concentrate our strategic focus and investment on The New York Times brand and its journalism," company Chief Executive Officer Mark Thompson said in a release posted on the Times' website.

The Times company has owned the Globe, which has won 21 Pulitzers, since 1993. The Globe has a weekday circulation of 225,000 and Sunday circulation of 365,000.

Besides the Globe, the New England Media Group includes BostonGlobe.com, Boston.com, the Worcester Telegram & Gazette, Telegram.com and GlobeDirect, the Globe's direct mail marketing company.

The company also is shedding its 49 percent interest in Metro Boston.

"The Boston Globe and the Worcester Telegram & Gazette are outstanding newspapers and they and their related digital properties are well-managed leaders in their markets with real opportunities for future development," Thompson said.

"We are very proud of our association with the Globe and the Telegram & Gazette, but given the differences between these businesses and The New York Times, we believe that a sale is in the best long-term interests of these properties and the employees who work for them as well as in the best interests of our shareholders."

The New York Times Co. has hired Evercore Partners to advise it and manage the sales process.

The Times company had $2 billion in revenue last year.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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